Like many other companies, Procter and Gamble Co. (P&G) needed to make an adjustmentwith respect to its pricing strategies due to a declining consumer demand during the Great Recession (2007-2009). Analyze how the company's pricing policies depend on how consumers respond to price changes? Identify and discuss the different factors that affect consumer responsiveness to a company's price change (availability of substitute, taste, income etc.). Please also discuss the different strategiesused by P&G to increaseprofitability.